Freetown, Sierra Leone. June 29, 2016
– IFC, a member of the World Bank Group, and the Corporate Affairs Commission
of Sierra Leone (CAC) are partnering to develop a National Corporate Governance
Code. The code will help businesses and government entities operate more
efficiently, improve their structures, and give investors added confidence
to invest in them.

IFC and CAC are working with public and private
sector stakeholders from more than 30 organizations to draft and implement
the code, which will also standardize disclosure and transparency procedures
for businesses, public service and regulatory organizations, and professional
bodies in Sierra Leone.

Michala Mackay, Chief Executive Officer,
Corporate Affairs Commission, said, “CAC’s key focus is to facilitate
the process of improved corporate governance in Sierra Leone over and beyond
the businesses it registers. This code would ensure proper regulatory control
of businesses while enhancing uniform compliance among all registered businesses.
We are working with IFC to develop a National Corporate Governance Code
that will help our businesses and public entities adopt global best practices
and attract a diverse pool of investors.”

Frank Ajilore, IFC Resident Representative
for Sierra Leone, said, “IFC works with
firms to attract and retain investment by promoting the adoption of good
corporate governance practices and standards. Our partnership with the
CAC is designed to help businesses and government entities in Sierra Leone
improve their operations and attract increased investment, making them
more sustainable and bringing benefits to the wider economy.”

Corporate governance is defined as the structures
and processes by which companies are directed and controlled. Good corporate
governance helps companies improve access to capital, mitigate risk, and
safeguard against mismanagement. It makes companies more accountable and
transparent to investors and gives them the tools to respond to stakeholder
concerns.

IFC is a strong partner helping Sierra Leone
strengthen and grow its economy, providing both investments and advisory
services. IFC also supports Sierra Leone through its Conflict Affected
States in Africa Initiative (CASA), which is backed by Ireland, the Netherlands,
and Norway.

IFC’s Corporate Governance Program improves
the performance of businesses by helping them adopt good practices and
standards. The program is funded by the State Secretariat for Economic
Affairs (SECO), Switzerland.

About IFCIFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org

ABOUT SECOSECO is Switzerland’s competence center
for all core issues relating to economic policy. SECO’s economic development
cooperation strives to achieve sustainable growth. Such growth is sustainable
if it creates jobs, helps to increase productivity, to reduce poverty,
inequalities and global risks. For more information, visit www.seco-cooperation.ch